What You Need to Know About Attracting & Retaining Millennials

By: Kitty Ambers, CPIA, CIC, CISR, NetVU CEO | 5/08/2015

As our industry is faced with the fact that approximately half of insurance agency owners will retire within the next 10 years, it’s important we learn to attract and retain the millennial generation to our industry.

Most millennials today want, and choose to work in businesses that support innovation, creativity and flexibility. In fact, these are major determinants when they decide who to work for. Most young professionals today will openly state that their employers aren’t creative nor do they encourage creative thinking.

In the 21st century, millennials change jobs at the drop of a hat. Solely because they believe that they are not being provided with the chance to be innovative and grow professionally. What is the solution here?

Business leaders need to understand the importance that innovation and personal development have for a young professional. Find ways to support a culture of creativity and engagement. 

  • Encourage young professionals to join you in the field. Veterans in the industry know full well how rewarding a career in insurance can be.That is the message you need to pass on.

  • Demonstrate a willingness to consider new ideas by simply asking for input on solutions to problems.

  • Incorporate their ideas and thoughts into the organization’s social media goals and marketing efforts.

  • Bring one of the younger agents in your firm with you to a NetVU Chapter meeting. It is our duty to share the resources that perpetuate our industry.

You will be amazed at the suggestions that come out of young professionals!  It can truly be an invigorating experience.

That being said, the road to building a new culture isn’t an easy one.  Managing change has its challenges. It takes time - time which you may not possess.  However, the millennials of today are agents of change, and we as veterans in the insurance industry need to embrace that change. It is worth the investment!

NetVU has a forum especially for those who are new to our industry.  Encourage your young professional to check out the NetVU Young Professionals ChapterThis group meets both virtually, and face-to-face, and is responsible for developing education sessions at NetVU events that are focused on the needs of those who are new to insurance industry.

At NetVU, the future is now.  As you have suggestions for ways that we can help our members to embrace the future, please let me know – kitty@netvu.org. 

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(also known as the Millennial Generation or Generation Y)
are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends. Researchers and commentators use birth years ranging from the early 1980s to the early 2000s. (Wikipedia)